Market value plummets by 66% and wave of executives leaving! Klarna (KLAR.US) faces multiple crises.

Financial services company Klarna Group (KLAR.US) has recently seen the departure of several senior executives, including the head of investor relations. This has presented the company with more challenges at a time when its market value has plummeted since going public. Reportedly, the departing executives include Stockholm-based head of investor relations and mergers and acquisitions Andrea Ferraz Estrada, as well as global litigation chief D. Andrew Pietro based in New York. They both announced their departures on LinkedIn in March. Andrea Ferraz Estrada, who worked at Klarna for seven years, played a key role in several funding rounds and last year's initial public offering (IPO). During her tenure, Klarna also underwent multiple acquisitions, including comparison website PriceRunner. In addition, Klarna's engineering director Yuri Gusev resigned in February after eight years in the role to seek new opportunities, while AI and automation chief Joao Tonon left in January to join Zalando SE. Originally focused on the "buy now, pay later" business, Klarna has now expanded its operations into consumer finance. Since its IPO on the New York Stock Exchange in September last year, its stock price has dropped by about 66%. After the lock-up period expired on March 9th, senior executives including Chief Marketing Officer David Sandstrm and Chief Business Officer David Sykes have sold their stakes. However, Klarna Chairman Michael Moritz purchased 3.47 million shares for $50 million, which helped boost the stock price last week. Most companies that recently went public have faced challenging first few months after their IPOs. Data shows that companies that went public on U.S. exchanges between September and November last year had an average weighted decline of 15% from their IPO prices, with the five largest IPOs all in the red.